Our current healthcare system needs help. The unforeseen events this year have shown us how important it is to invest in a better healthcare system. One method that will become vital to our future is the combination between AI and healthcare to identify, track, and fight viruses.

Overwhelmed medical professionals are in desperate need of help with the surge in patients at a time when traditional methods of detection have become less effective. Artificial intelligence (AI) helps medical professionals make smarter decisions faster, so they can save more lives.

Many of the best minds in AI are using their technology to solve the world’s greatest health crisis. For example, tech giant Alibaba produced a new AI detection system that identifies viruses with 96% accuracy in 20 seconds based on patients’ chest CT scans.

This is the beginning. Soon AI and healthcare will work together to solve more of the world’s great health crises.

7 Reasons AI and Healthcare Can Work Together

1. Improved monitoring

The modern wearable technology era started in 2009 with the launch of the clip-on Fitbit tracker. In the past decade, these devices have gone from novelty to lifesaving tools with broad applications in the healthcare industry.

Wearable technology provides a wealth of health information due to the continual tracking that is not possible with traditional methods like an annual checkup.

The challenge becomes how to separate the critical from the mundane information in this wealth of data. AI is starting to play a huge role in monitoring wearable technology statistics.

For example, researchers at the University of California, San Francisco have started to test whether wearables can offer an early-warning system to many throughout the country who have experienced coronavirus.

2. Help those with chronic health conditions

In an era where those with chronic health conditions are in grave danger, we need help.

According to a recent Healthcare IT News study, 66% of health care professionals believe AI and ML (machine learning) will help those with diabetes. 63% feel heart disease and cancer will also see better results because of these technologies. 56% expect to see benefits in neurological diseases and 46% with infectious diseases.

3. Improve decision-making

The same Healthcare IT News study found 77% of healthcare professionals believe AI can improve their decision-making capabilities.  Even after things settle down with Covid-19, doctors need help identifying an array of diseases today.

The stream of data is too much and fast for any human to go through on their own. AI tools can find specific diseases by reviewing the data to determine their identify.

For example, Harvard University’s teaching hospital Beth Israel Deaconess Medical Center started using AI to diagnose potentially lethal blood diseases in the earliest stages of development. They scanned for toxic bacteria like E. coli and staphylococcus.

Doctors scanned 25,000 blood sample images and with a 95% accuracy were able to name and predict who and how these harmful bacteria would affect patients.

4. Reduce the length of stays

Science Direct reported on how big data can improve the quality of treatment for ER centers. Based on the information the hospitals used, they reduced the length of stay by 40% while the effectiveness of these stays improved by 50%.

For example, John Hopkins Hospital in Baltimore partnered with GE to use predictive AI techniques to improve the overall patient flow.

The two organizations used AI to prioritize hospital operations. Because of the program, John Hopkins saw a 60% increase in their ability to admit patients and a 21% rise in the number of patients discharged before noon.

Imagine how this could help with the ICU beds and ventilator shortages.

5. Drug development

The average cost to get a new drug in the US into a clinical trial is now $2.6 billion. Even then only 10% of drugs which get to clinical trials ever get approved.

AI can improve the efficiency and accuracy of this process. Over the past few years, drug developers have seen how powerful databases can reduce the costs and find which drugs on the market could fight other diseases.

For example, the Google DeepMind division is using their AI algorithms to help researchers treat Covid-19. Their AI algorithm reviews the massive amount of data researchers around the world compiled over the past few months to find proteins scientists can use in treatments.

DeepMind can go through this data in minutes and hours with a higher level of accuracy where researchers might take days and months.

6. Prescribe the correct drugs

Even when new drugs make it to market, sometimes they people do not use them for their intended purpose.

The FDA has over 20,000 approved prescription drugs and 6,500 medical devices. While doctors want options, it is impossible for any doctor to be aware of the drug interactions, level of pain, medical history, and dosage amount needed for each patient.

This has become a dangerous trend since CNBC estimates between 250,000 to 440,000 people die every year from medication errors. It does not matter how many years of training doctors receive; humans cannot keep up with the sheer amount of data.

That is why misdiagnoses and medication errors account for 10% of US deaths every year.

As we said earlier, AI diagnoses medical issues faster than humans. For example, one study showed how an AI model diagnosed breast cancer at a rate faster than 11 pathologists.

This doesn’t mean AI is perfect. One of the biggest challenges to AI adoption in healthcare is trust. A survey from Health IT Analytics found 54% of respondents felt AI would cause at least one fatal error. At the same time, humans can avoid making fatal errors as well. The key is how much can AI help to reduce these errors.

7. Cost savings

Accenture believes the investment into AI can bring about $150 billion in annual healthcare savings by the year 2026. Since the US spends about 4% of their annual GDP on healthcare ($3.5 Trillion), this would trim 4% off our annual healthcare costs.

That said, not all these cost savings are positive. Some reports from the National Institute of Health suggest AI technology could eliminate between 5- 35% of healthcare jobs in the next 10-20 years.

Fortunately, the biggest cost savings now come from routine jobs humans cannot perform fast enough like review samples. Many of these are boring, repetitive tasks we will be more than happy to assign to a computer. As technology improves this might change.

Final Thoughts on AI and Healthcare

The investments we made in AI over the last decade will help us fight some of the deadliest diseases we ever faced. That is why professionals in the healthcare field need to use the data AI analyzes to save more lives.

If you have more questions about how to use AI for your healthcare organization, connect with us today for a free 1-hour consultation.

The post 7 Reasons AI and Healthcare Can Lead to a Better Future appeared first on Beyond Key.

Here is a sample Amazon Alexa conversation on an e-commerce site.

You: Alexa, Ask U.S. Bank, ‘What is my balance?’

Alexa: Your US Bank account ending with xxxx1312 has a balance of $40,000.

You: Can you find out where my major spending was in the last week?

Alexa: Sure! You have dined several times at restaurants and bought gadgets online, and have been buying junk food frequently.

You: Ok, can you tell me if this is impacting my health?

Alexa: You have not been on a walk for over a week, so you may have gained some weight and increased your stress levels.

You: Ok, any suggestions?

Alexa: Should I renew your gym membership?

You: Yes, please.

Alexa: I have renewed your membership at Star Health Gym. Your code has been sent to your mobile phone which can be used as your access.

You: Thanks. Can you tell me how my savings plan is doing?

Alexa: Last week, I shifted some savings from your savings account to a premium account so you have a better interest rate.

You: Thanks. Any pending bills?

Alexa: Your Internet bill for this cycle is due. The amount is $400. Would you like to pay for it now?

You: Yes, please pay it now.

Alexa: Ok. It has been paid. Anything else?

You: No, thank you. Has your bank started sending you messages about how its basic customer service is available on simple voice commands? If not, ask when they plan to roll this feature out. Here are some examples of how Voice has taken the customer service experience in the banking industry to a different level.

Voice-Driven AI Tasks for Alexa

1. Pay your bills with voice commands.

Royal Bank of Canada is adding payment functionality to its app. The new feature will give customers the ability to pay bills on their iPhone or iPad via Apple’s voice assistant, Siri. After a user voices the command, the RBC app will debit their account and send the payment, which is protected by TouchID.

2. Check account statements and deposit checks with voice.

USAA has introduced a voice-driven AI remote check deposit feature in its mobile app which helps visually impaired members scan a check or get a voice account statement. They can request statements for specific dates and payees.

3. Plan your investments for the future.

Some banks have also facilitated their voice assistants to provide suggestions to their customers regarding whether they are saving enough for retirement or not. These assistants are equipped with machine learning skills which help to provide suggestions on rebalancing the savings and fixed deposit accounts, and also to guide customers to save on best interest rates.

4. Identity verification.

Some banks have used “voiceprints” of their customers for security and identity verification as well. Barclays lately has used “voiceprint” for identity verification via their mobile app. This service creates a digital profile of the customer’s voice using data gathered during the course of three phone calls.

When customers call to use the bank’s services, the technology can identify them from the first few words they speak. Mimicking the voice of another person can’t trick the system. Using voice recognition can speed up the log-in process, eliminating the need to type a password every login attempt.

5. Voice used to transfer money or report lost cards.

Santander allows its customers a special voiceprint app called SmartBank.  People can use voice recognition technology to perform multiple important tasks including making payments and transferring money or reporting a lost or stolen ATM and credit card. The app also provides instant bank statements within a specific time frame or with a specific retailer.

6. Login into account by Voice.

HSBC has developed a banking app to help customers to log in by giving their birthdate and account details and then saying “my voice is my password” into the mobile device. This digital voice piece is recorded in the app and reused for verification whenever a customer tries to log into their account. The company says it gauges 100 different characteristics of the human voice to verify a user’s identity. HSBC is also updating its voice-driven AI recognition software.

They claim that the app is still more secure than traditional PINs and passwords. But unlike with basic authentication, if your account is hacked, your biometric password–whether voice, fingerprint, or facial recognition–can’t be changed. And these are not all. There are several other services that have used these voice-based assistants and smart speakers to enhance their customer experience.

Voice Drive AI works with ML and Data Analytics

How AI is Creating a Buzz in Banking Artificial intelligence combined with Machine Learning and Data Analytics has made it possible for technology to understand and meet the needs of customers before they even ask. Combining machine learning with AI and cognitive technologies makes it even more effective in processing large volumes of information. Banks have started working on creating such smart voice assistants that are trained and supervised to read a large volume of data.

Careful injections of constant machine learning combined with cloud computing have brought major changes in the banking industry culture.

Banks are now more suited not only to resolve customer queries but also manage banking operations with proactive intelligence. Voice recognition systems have brought forth a great deal of convenience for bank customers. This system allows for converting text to speech so customer requests are understood in natural language.

The machine learning capability further allows the system to understand not only the consumer’s requests but also understand their spending behavior and decode human emotions within real-time limits.

Though security and adaptability are two major items posed against this rising technology in banking, they are still looked forward to as revolutionary changes. They offer unbelievable convenience while executing functions such as digital transactions, payments, loan processes, and deposits without having to engage in personal interactions.

Nuance was the first pioneer to introduce machine learning systems, though with limited audio and text capabilities. Apple’s Siri became the first technology to support this interactive algorithm with more mature potential. However, the success of voice assistant software has now led to fundamentally changing the way customers interact with financial organizations and bank commerce.

Security: The Biggest Question- Answered or Not?

Asking Google Home, Alexa, or Siri about the weather or music is one side of the coin. On the other side, individuals can ask these voice assistants about their other account balance or transfer money using a previously set-up four-digit code. Because smart speakers are still relatively new, there are still concerns regarding strangers hearing personal information in public; but industry experts agree solutions will emerge as these assistants mature with time and technology. Voice technology in banking has very low usage and adaptability, but it is sure to take off in the next couple of years.

Today, only two percent of respondents have used their voice to pay bills, and only one percent has transferred money to a friend through any type of device. However, the use of voice payments will nearly quadruple over the next five years to reach 31% of US adults — or 81 million consumers — by 2022, BI Intelligence estimates. Hire a Voice Skill Developer at Beyond Key Now!

Final Thought: Voice-Driven AI

Voice-based skills development can do wonders for your business, whether it’s in banking or any other sector. At Beyond Key, we have been developing voice-based skills for more than 2 years, and have a team of developers who are experts in developing and delivering new generation solutions with voice-enabled services. Are you searching for a voice-enabled skill developer for your business? Your search can end here! Reach out to us at contact@beyondkey.com today!

The post Redefine Banking E-commerce with Voice-driven AI appeared first on Beyond Key.